Transactions

On June $1$ of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:

Opened a business bank account with a deposit of $$33,000$ in exchange for common stock.

Purchased office supplies on account, $$3,110.$

Received cash from fees earned for managing rental property, $$8,730.$

Paid rent on office and equipment for the month, $$3,820.$

Paid creditors on account, $$1,410.$

Billed customers for fees earned for managing rental property, $$7,070.$

Paid automobile expenses for month, $$850,$ and miscellaneous expenses, $$420.$

Paid office salaries, $$2,690.$

Determined that the cost of supplies on hand was $$1,840$; therefore, the cost of supplies used was $$1,270.$

Paid dividends, $$2,550.$

Required:

$1.$ Indicate the effect of each transaction and the balances after each transaction:

If an amount box does not require an entry, leave it blank.

For those boxes in which you must enter subtractive or negative numbers use a minus sign. $($Example: $-300)2.$ Stockholders$$ equity is the right of stockholders $($owners$)$ to the assets of the business. These rights are

BLANK by issuing common stock and revenues and BLANK

by dividends and expenses. $3.$ Determine the net income for June. $4.$How much did June$$s transactions increase or decrease stockholders$$ equity?